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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 11 years, the highest Beneish M-Score of Pampa Energia SA was 2.82. The lowest was -6.61. And the median was -2.91.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pampa Energia SA for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 0.9231||+||0.528 * -0.3401||+||0.404 * 1.1448||+||0.892 * 1.2045||+||0.115 * 1.0957|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1938||+||4.679 * -0.1069||-||0.327 * 0.8685|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $252.3 Mil.|
Revenue was 194.274057143 + 189.941714286 + 185.2912 + 170.28 = $739.8 Mil.
Gross Profit was 14.0118857143 + 2.01954285714 + 5.50182857143 + -0.458514285714 = $21.1 Mil.
Total Current Assets was $649.1 Mil.
Total Assets was $2,230.6 Mil.
Property, Plant and Equipment(Net PPE) was $1,141.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $56.9 Mil.
Selling, General & Admin. Expense(SGA) was $180.9 Mil.
Total Current Liabilities was $780.6 Mil.
Long-Term Debt was $477.5 Mil.
Net Income was 103.0792 + 83.1973714286 + 10.9253714286 + 35.3932571429 = $232.6 Mil.
Non Operating Income was 61.9629714286 + 16.5224 + 49.3179428571 + 10.9314285714 = $138.7 Mil.
Cash Flow from Operations was 90.5225142857 + 73.7980571429 + 114.472 + 53.5498285714 = $332.3 Mil.
|Accounts Receivable was $226.9 Mil.
Revenue was 163.589371429 + 157.287314286 + 163.161714286 + 130.156114286 = $614.2 Mil.
Gross Profit was 12.9084571429 + -7.20422857143 + -2.79965714286 + -8.85485714286 = $-6.0 Mil.
Total Current Assets was $435.6 Mil.
Total Assets was $1,506.6 Mil.
Property, Plant and Equipment(Net PPE) was $811.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $44.6 Mil.
Selling, General & Admin. Expense(SGA) was $125.8 Mil.
Total Current Liabilities was $616.3 Mil.
Long-Term Debt was $362.1 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(252.273371429 / 739.786971429)||/||(226.895885714 / 614.194514286)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(2.01954285714 / 614.194514286)||/||(14.0118857143 / 739.786971429)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (649.107428571 + 1141.02468571) / 2230.5648)||/||(1 - (435.568457143 + 811.195428571) / 1506.63714286)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(44.56 / (44.56 + 811.195428571))||/||(56.9304 / (56.9304 + 1141.02468571))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(180.893942857 / 739.786971429)||/||(125.798285714 / 614.194514286)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((477.474057143 + 780.5568) / 2230.5648)||/||((362.082971429 + 616.289028571) / 1506.63714286)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(232.5952 - 138.734742857||-||332.3424)||/||2230.5648|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Pampa Energia SA has a M-score of -3.50 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Pampa Energia SA Annual Data
Pampa Energia SA Quarterly Data